Sensex, Nifty hit nearly 16-month high this week

Sensex, Nifty hit nearly 16-month high this week
PTI
Comment E-mail Print Share
First Published: Sat, Sep 19 2009. 03 01 PM IST
Updated: Sat, Sep 19 2009. 03 01 PM IST
Mumbai: Sharp rally in most of the sectors paved the way for both the key indices, Sensex and Nifty, to hit a nearly 16-month high and improved further by about 3% during the week under review, stimulated by a host of positive factors.
Sensex was in the vicinity of 17K-mark, while Nifty pierced through 5K-mark during the intra-day trade.
After moving in a range of 16,820.02 and 16119.95, the Bombay Stock Exchange 30-share index ended the week at 16,741.30, the level not seen since 22 May 2008, a rise of 477.00 points or 2.93% over its last weekend close.
The broader 50-issue Nifty of the National Stock Exchange touched a high of 5,003.05 before concluding the week at 4,976.05, a net gain of 146.50 points or 3.03%.
Reports of higher advance payments by some big corporates for the second quarter, indicating revival in the economy amid heavy portfolio inflows, mainly boosted the market sentiment.
Firm global cues also helped local bourses to keep the tempo upbeat. Most of the world markets closed the week up on encouraging rise in US retail sales in August and hopes of global economic recovery after the US Federal Reserve chairman Ben S Bernanke said the worst US recession since the 1930s has probably ended.
Signal of the apex bank not to hike interest rates till the economic recovery is on a strong footing, too supported the market.
Foreign institutional investors (FIIs) pumped in Rs6,471.28 crore in the week, including provisional data of 18 September.
Inflation turned positive for the first time in 13 weeks, rising to 0.12% during the week ended 5 September.
Auto stocks attracted heavy buying on hopes of strong sales for the upcoming festival season. India’s top small car maker by sales Maruti Suzuki rose by 11.84%. M&M firmed up by 7.95%, Tata Motors by 8.71%, Hero Honda by 7.35% and Bajaj Auto by 14.36%.
Metal shares also rose on expectation of recovery in industrial activity across the globe which will boost demand for metals. Tata Steel climbed by 10.42% and Hindalco by 10.91%.
However, the top heavyweight RIL was down by 1.97% as the Petroleum Trust on Thursday sold nearly 1.5 crore equity shares of the company through block deals.
Other gainers in the Sensex group were Jaipakash Asso by 12.63%, SBI by 11.65%, DLF Ind by 7.31%, Rel Infra by 6.42%, Infosys Tech by 4.32% and TCS by 4.32%.
Among sectorial indices, the BSE-Auto rose by 572.71 points or 9.50% followed by BSE-Metal by 1,055.68 points or 7.84%, BSE-Realty by 226.43 points or 5.33% and BSE-Bankex by 412.66 points or 4.63%.
The trading volume was marginally higher on the BSE at Rs32,976.04 crore from Rs31,969.88 crore in the last week while it was down on the NSE to Rs93,410.33 crore from Rs93,993.53 crore previously.
Comment E-mail Print Share
First Published: Sat, Sep 19 2009. 03 01 PM IST
More Topics: Sensex | Nifty | BSE | NSE | Stocks |